Business Services Industry

Q Comm International Announces Voluntary Delisting on AMEX and Deregistration with the SEC

Business Wire, Nov 10, 2006

OREM, Utah -- Q Comm International, Inc. (Amex: QMM), a provider of prepaid transaction processing and electronic point-of-sale (POS) distribution solutions, today announced plans to withdraw from listing its shares of common stock on the American Stock Exchange (AMEX) and to withdraw from registration of its shares of common stock with the U.S. Securities and Exchange Commission (SEC) in order to eliminate accounting fees, legal fees and other costs associated with being a public company, expedite reaching breakeven, and reallocate financial resources to enhance the Company's presence at the point-of-sale. The Company currently has no plans to list its shares of common stock on another stock exchange. In light of this delisting and deregistration process, the Company will no longer host quarterly earnings conference calls with investors and will no longer file its current and periodic reports with the SEC, although, in the future, the Company will continue to communicate with its investors on a regular basis as a private company.

In light of the Company's decision to delist and deregister, the Company will no longer hold a conference call on November 13, 2006 to discuss its third quarter 2006 financial results.

"After a detailed financial review, we made the decision to withdraw our shares from listing and registration and take the Company private based on our firm commitment to reach breakeven in the near-term," stated Michael Keough, Chief Executive Officer of Q Comm. "Public companies large and small have pursued this option based on the increasingly onerous costs associated with being a public company in today's regulatory environment. By delisting and deregistering, we will eliminate significant accounting, legal and public company costs, which easily comprise 20% of our annual cash-based expenses. It also allows us to avoid even higher future expenses associated with Sarbanes-Oxley 404 compliance, which we would need to begin to address in 2007."

Keough continued, "Without day to day public company costs, we can proactively reallocate resources toward growing our prepaid business, investing in new strategic partnerships that will bolster our POS presence, and enhancing shareholder value by striving to reach breakeven in 2007. I have no doubt that our decision to take the company private only reinforces our financial position."

Delisting and Deregistration Process

Q Comm filed notice with AMEX today to commence the voluntary process of withdrawing its shares of common stock from listing. Thereafter, Q Comm intends to file the appropriate forms with the SEC on or about November 21, 2006 to voluntarily withdraw its shares of common stock from registration with the SEC. The Company expects that the delisting of its shares of common stock on AMEX will become effective approximately 10 days after the date of filing the appropriate forms with the SEC, on or about December 1, 2006. The Company expects that the deregistration of its shares of common stock with the SEC should, depending upon the SEC's comments (if any) and response time, be effective no later than approximately February 21, 2007. Q Comm is eligible to voluntarily withdraw it shares of common stock from listing and registration because it has fewer than 300 holders of record of its common stock.

Investors with questions about the delisting and deregistration process can call the Company's Investor Relations contact at (203) 682-8208.

ABOUT Q COMM INTERNATIONAL:

Q Comm International is a prepaid transaction processor that electronically distributes prepaid products from service providers to the point of sale. Q Comm offers proprietary prepaid transaction processing platforms, support of various point-of-sale (POS) terminals, product management, merchandising, customer support and engineering. Q Comm systems replace traditional hard cards (also known as scratch cards or vouchers) that are costly to distribute, and provide more comprehensive reporting and inventory management among other benefits. Q Comm's solutions are currently used by wireless carriers, telecom distributors, and various retailers to sell a wide range of prepaid products and services including prepaid wireless, prepaid phone cards, prepaid dial tone and prepaid debit cards, such as prepaid MasterCard and Visa. Visit http://www.qcomm.com for more information.

Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other factors identified in the Company's filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2005, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

COPYRIGHT 2006 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
 

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